Transferring a property into a family trust in South Africa involves several costs that need to be considered. These expenses are essential to understand as they play a significant role in the financial aspects of the transfer process.
In today's ever-changing business landscape, companies are increasingly seeking innovative strategies to propel their growth and gain a competitive edge. One such strategy that has gained significant traction is the formation of joint ventures. Joint ventures bring together two or more independent entities, pooling their resources, expertise, and networks to create a new entity that is greater than the sum of its parts.
By providing clarity in asset division, protecting individual assets, and ensuring financial security, an antenuptial contract can help couples navigate potential challenges with greater ease.
Millennials are the first generation to fully embrace the digital age. They often have extensive online presence, including social media accounts, cryptocurrency wallets, and digital photo libraries. A will can address the management and distribution of these digital assets, providing clear instructions on how to handle valuable online accounts and ensuring that sentimental or monetary value is preserved.
In South Africa, family trusts are taxed at a flat rate of 45% on income generated during a tax year. When assets are transferred into a family trust, donations tax may be applicable if the transfer is deemed a donation. Donations tax is currently set at a rate of 20% and is levied on the value of the asset transferred. However, certain exemptions and thresholds exist, such as the annual donations tax exemption of ZAR 100,000 per person.
Debt collection by attorneys in South Africa serves as a crucial mechanism to recover outstanding debts when traditional methods fail. By navigating the legal framework and employing professional expertise, attorneys provide a vital service to both creditors and debtors.
In a customary marriage in community of property, all assets and liabilities acquired by either spouse before or during the marriage become jointly owned. This includes immovable property, vehicles, investments, and debts.
We understand firsthand the overhead issues all small businesses face and strive to be a value-added partner. We believe that legal expenses should be invested in solving the challenges that come with growth and expansion, rather than being seen as a burden on your business.
The executor can be anyone that the deceased person trusts, like a friend, an attorney or a family member. There are, however, a few individuals and entities that are disqualified from being an executor, including but not limited to an insolvent person, a minor child, a company, the Master of the High Court and anyone disqualified from being an executor in terms of the Act
